AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 2.96% against the USD to close at 1.0312.
In the economic news, this morning, the National Australia Bank’s Business Conditions Index declined to -3 in August, from -1 in the previous month.
In the Asian session at 3:00GMT, the Australian Dollar is trading at 1.0343, 0.30% higher from yesterday’s close at 23:00 GMT.
LME Copper prices declined 2.9% or $259.0/MT to $8,645.3/ MT. Aluminium prices declined 1.0% or $23.8/MT to $2,318.8/ MT.
The pair is expected to find first short term resistance at 1.0397, with the next resistance levels at 1.0452 and 1.0562, subsequently. The first support for the pair is seen at 1.0287, followed by next supports at 1.0232 and 1.0122 respectively.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
